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Half The Rewards, Double The Fun
This time it's different!
Class is in session. Bitcoin is a network built on scarcity and the halving is coming up! Now why is this important?
Imagine a classroom where students compete to solve a challenging math problem. The first student to solve the problem correctly gets their work checked by the entire class. If everyone agrees that the solution is correct, the student's work is added to a special notebook called the "blockchain," and the student is rewarded with a shiny new sticker.
Similarly, Bitcoin mining is a process that verifies transactions and adds them to the blockchain, using a technique called proof-of-work. It's akin to solving a complex mathematical problem and having your peers verify your solution. If your work is correct, those transactions are added to the blockchain, and you, as a miner, are rewarded with newly minted bitcoin.
Now, imagine that the mysterious teacher, has a strict rule: as more pages are added to the notebook, the number of stickers given as rewards will be cut in half. This is known as "bitcoin halving." The reward for mining new bitcoin is cut in half over time. This is done to ensure that bitcoin remains deflationary, meaning that its value is expected to increase over time as the supply of new bitcoin decreases and is eventually capped at 21,000,000.
Historically, Bitcoin’s USD price increases significantly shortly after the halving occurs. In this particular cycle, it seems the price action has come early.
-RO
Market Analysis
Weekly View
Bitcoin's Bullish Confirmation: Three Weeks on Top
In our weekly market analysis, we observe that Bitcoin has notably closed above the highest weekly close from the last cycle for three consecutive weeks. This pattern serves as a strong confirmation signal, suggesting that Bitcoin's upward momentum is likely to continue. This underscores the growing market confidence and strengthens the bullish outlook for Bitcoin's trajectory in the near term.
Daily View
From Support to Ascent: Tracking Bitcoin's Daily Move
In today's daily view analysis, we focus on Bitcoin's recent performance, noting its rebound from the critical support zone between $59,000 and $61,500. This bounce-back marks the beginning of a climb, reflecting positive market reactions and a potential continuation of upward momentum. This movement is crucial for investors to watch as it could indicate the strength of the current bullish trend and Bitcoin's resilience in maintaining its value above significant support levels.
Weekly Statistics
Bitcoin Market Cap
1.37 T | + 11.4 % |
Bitcoin Dominance
52 % | - 0.2 % |
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